One-in-four Canadians overspent on Black Friday and Cyber Monday: Poll

Almost a quarter of Canadians have spent too much money this year on Black Friday and Cyber ​​Monday deals, according to a new survey from FP Canada.

The survey found that while 60 percent of shoppers were sticking to their budget, one in four Canadians spent more than the $ 250 they budgeted for on holiday shopping events.

Young consumers between the ages of 18 and 34 found it more difficult to stick to their spending plans in light of retail agreements, with 32 percent saying they overspended.

“With more physical stores open due to the easing of restrictions related to the pandemic, it’s easy to understand the temptation to spend,” said Tashia Batstone, president and CEO of FP Canada, in a statement.

“But it’s important that Canadians exercise diligence to get back on track financially if they’re already a little over the line this holiday season.”

Large spending this early in the Christmas season could lead to more debt problems for Canadians by 2022.

The average resident is expected to have $ 814 more in credit card debt heading into the New Year compared to the last holiday season.

“If you didn’t have a budget for your vacation spending before Black Friday, start one today,” Sucheta Rajagopal, certified financial planner and portfolio manager at Research Capital Corp., said in a statement.

“Having a clear idea of ​​what you’re spending is the easiest way to make sure you don’t sink into a debt hole so deep you have to spend the next year digging it. “

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